Techniclone Posts Higher Quarterly Loss
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Tustin-based Techniclone International Corp., engaged in the research and development of drug delivery systems, posted a first quarter net loss of $948,264, or 5 cents a share, compared with a net loss of $515,102, or 3 cents a share, a year ago. The company attributed the increased loss primarily to expanded research and development costs. Revenue for the quarter ended July 31, consisting of interest income, rose to $86,302 from $11.
The company also said Thursday it plans to buy a 24,201-square-foot building adjacent to the its existing facility for $1.5 million. The property has been partially leased out to other tenants under short-term agreements, the company said.
The company will retain the option to occupy the entire building, if needed, to expand antibody production operations in the future.
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